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Vivos Therapeutics Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q
LITTLETON, Colo., Aug. 26, 2022 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (NASDAQ: VVOS) (“Vivos” or the “Company”) today announced that it has received a
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"LITTLETON, Colo., Aug. 26, 2022 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (NASDAQ: VVOS) (“Vivos” or the “Company”) today announced that it has received a notice (“Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Form 10-Q”). Such a notice is typical and normal procedure, and it has no immediate effect on the listing or trading of the Company’s common stock on the NASDAQ. As reported by the Company in its Form 12b-25 filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2022 and press release the same day, the Company was unable to file its Form 10-Q within the prescribed time period without unreasonable effort or expense due to the Company’s need for additional time to review its financial statements for the quarter ended June 30, 2022 and the resulting additional time required for completing and filing the Company’s Form 10-Q accordingly. The delay is a result of ongoing Company analysis and related discussions between the Company and its independent registered public accountants regarding certain technical matters pertaining to the Company’s revenue recognition policies related to ASC Topic 606. The extension period provided for filing the Form 10-Q under Rule 12b-25 expired on August 22, 2022. Nasdaq has informed the Company that, under Nasdaq rules, the Company will have 60 calendar days from the date of the Notice (August 23, 2022) to file its Form 10-Q with the SEC. The Company can regain compliance with Nasdaq listing standards during this sixty-day period when the Company files its Form 10-Q with the SEC. During the sixty-day period, Nasdaq will closely monitor the status of the Company's late filing and related public disclosures. If the Company fails to file its Form 10-Q within such sixty-day period, Nasdaq may, in its sole discretion, allow the Company’s common stock to trade for up to 180 days from the Form 10-Q’s filing due date, or February 20, 2023 (an “Additional Period”), depending on specific circumstances, as outlined in the rule. If Nasdaq determines that Additional Period is not appropriate, suspension and delisting procedures...